Blog

About

This video is about a student struggling to understand economic concepts. He then finds an ad from someone offering to help struggling students understand economics. Little did he know, this ad was from his own Econ teacher! The teacher then explains to him these economic concepts. Through magical song and dance, he finally starts to understand these concepts and lives happily ever after.

Topics

· GDP equation

· Structural unemployment

· Frictional Unemployment

· Cyclical Unemployment

· Natural rate of unemployment

· Labor Force

Questions

1. The song suggest that Uber is an example of a structural change in the economy. Explain why Uber can be considered a structural change and how it might lead to structural unemployment?

2. Explain what structural unemployment is

3. The song suggest that cyclical unemployment is the worst kind of unemployment. Can you explain why that might be true?

4. According to the song, who is not counted in the labor force? Does this match with what your book mentions?